TPP Deal to Allow US Set Rules of Global Economy - Obama

US President Barack Obama said that TPP trade deal would allow the United States and its partners, but not other countries, set the rules of the global economy.

MOSCOW (Sputnik) — The Trans-Pacific Partnership (TPP) trade deal would allow the United States and its partners, but not other countries, set the rules of the global economy, US President Barack Obama said in an article advocating the need to sign the controversial deal.

“Building walls to isolate ourselves from the global economy would only isolate us from the incredible opportunities it provides. Instead, America should write the rules. America should call the shots…That’s what the TPP gives us the power to do,” Obama said in his column for The Washington Post newspaper.

According to Obama, other countries should play by the rules that Washington and its partners set.

“The world has changed. The rules are changing with it. The United States, not countries like China, should write them. Let’s seize this opportunity, pass the Trans-Pacific Partnership and make sure America isn’t holding the bag, but holding the pen,” the president said.

The TPP agreement was signed by 12 nations, including Japan, in February 2016, but still requires approval from the US Congress. If implemented, the free trade agreement will encompass 40 percent of the global economy.

Critics of the TPP deal claim that it undermines domestic companies, laws, regulations and institutions through an extra-judicial process that stacks the deck in favour of multinational corporations.